Ninety day periods offer a short-term snapshot of a company. However, a meaningful analysis must contain a bigger, longer-term picture. The direction of NAT is unquestionably upwards and we create room for profitable growth. Whatever we do, dividends remain an important objective.

Highlights:

The dividend for the first quarter is 7 cents ($0.07) per share. This is our 111th consecutive quarterly cash dividend. The dividend is payable June 26, 2025, to shareholders on record as of June 12, 2025.

During the first five months of 2025 we have acquired two 2016-built vessels for a combined price of $132 million and sold two of our 2003-4 built vessels for a combined price of $45 million. Our cash position per March 31st 2025 was $103 million.

Increased pressure on sanctioned oil trades or agreements with sanctioned nations, combined with increased OPEC volumes, will increase demand for our ships. The so called “shadow fleet” is pushed further into the darkness. This is good for NAT.

The average time charter equivalent (TCE) for the NAT time charter and spot fleet for the first quarter of 2025 came in at $24,714 per day per ship. The operating costs are $9,000 per unit. Together with the sale of “Nordic Apollo”, this gave a net result of $4.2 million for the first quarter 2025.

Thanks to careful voyage planning and adjustment of speed, we continue to reduce emissions of our vessels.

The top quality of the NAT vessels is proven by the vetting performance undertaken by the major oil companies. These companies employ about 50% of the NAT fleet.
Source: Nordic American Tankers Ltd.